Armstrong Profit Drops on Slightly Lower Sales

Lancaster, PA, April 29, 2013 --Armstrong World Industries reported first quarter net income of $3.2 million, down 83% from $19 million in the same quarter last year.

However, net sales edged down 2% to $622.3 million from $636 million.

Sales were down about $9 million due to the sale of the Patriot wood flooring distribution business, Armstrong said.

"We delivered first quarter results in line with the expectations we outlined earlier this year, despite a continued choppy commercial market environment," said CEO Matt Espe.

Earning were affected by tax rate issues and costs related to refinancing of debt.

The sales decline was also driven by lower commercial volumes, which more than offset gains in new residential construction that resulted in strong volume growth in the wood flooring business.

Price and mix were both positive, Armstrong said, but only partially offset the impact of lower volumes. 

The resilient flooring unit had sales of $214.8 million, down from $227.3 million a year ago.

Wood flooring sales rose to $114.7 million from $105.6 million.

Armstrong said shipments for solid wood products hurt as orders outpaced production in the quarter. The company said it is adding additional crews at several solid wood plants.



Other Archived Articles

Flooring Firm Fire Ruled Spontaneous Combustion   Full Article
Chesterfield County, VA, Aug. 5, 2014 -- A July fire at Better Floors has been ruled a "spontaneous combustion" incident by investigators.

Factory Orders Spike in June   Full Article
Washington, DC, Aug. 5, 2014 -- Factory orders surged in June by 1.1%, the Commerce Department said.

Services Sector Growth Fastest in Nine Years   Full Article
Tempe AZ, Aug. 5, 2014 -- The services sector of the economy grew in July at the fastest pace in nine years, according to the Institute for Supply Management.

Kansas City Interiors Icon Bernie Madden Dies   Full Article
Leawood, KS, Aug. 5, 2014 -- William Bernard "Bernie" Madden, owner of Madden McFarland Interiors died Aug. 1.

Flooring America's Rebranded Meeting Underway   Full Article
Dallas, TX, Aug. 5, 2014 -- Flooring America/Flooring Canada, a division of CCA Global Partners, has kicked-off conneXtion, its newly branded bi-annual meeting that connects its more than 500 independent floor covering retailers.

Mullican Flooring in Two 'Flipping Boston' Episodes   Full Article
Johnson City, TN, Aug. 5, 2014 -- Mullican Flooring has provided hardwood flooring for two additional episodes of “Flipping Boston,” a television series on the A&E channel.

Latricrete Acquires Resinous Flooring Firm Spartacote   Full Article
Bethany, CT, Aug. 5, 2014 -- Laticrete International said it has acquired HP Spartacote.

J+J Symposium Focuses on Senior Design Trends   Full Article
Dalton, GA, Aug. 4, 2014 -- J+J Flooring Group recently hosted the first in a series of senior living design symposiums in which experts discussed the driving trends.

Florida Tile Opens Showroom in Boise   Full Article
Boise, ID, Aug. 4, 2014 -- Florida Tile has opened its second tile and stone showroom in four months, this one in Boise on July 15.

GBCI, Bureau Veritas Form Partnership   Full Article
Washington, DC, Aug. 4, 2014 -- The Green Building Certification Institute and Bureau Veritas SA have announced a strategic business partnership.

Berkshire Hathaway Reports Decline in Shaw's Earnings   Full Article
Omaha, NE, Aug. 4, 2014 -- Shaw Industries recorded a pre-tax earnings decline for the second quarter due to lower margins, according to parent company Berkshire Hathaway's quarterly report.

Manufacturing Expands at Faster Pace   Full Article
Tempe, AZ, Aug. 1, 2014 -- U.S. manufacturing expanded at its fastest rate since April 2011, according to the Institute for Supply Management.

Personal Spending, Income Rise in June   Full Article
Washington, DC, Aug. 1, 2014 -- Consumer spending increased modestly in June, according to Commerce Department statistics.

Construction Spending Falls on Commercial Weakness   Full Article
Washington, DC, Aug. 1, 2014 -- Construction spending fell by 1.8% in June, mostly due to lower spending on commercial projects, according to the Commerce Department.

Consumer Sentiment Ticks Down in July   Full Article
Ann Arbor, MI, Aug. 1, 2014 -- The Thomson Reuters/University of Michigan final reading of consumer sentiment for July edged down to 81.8 from 82.5 in June.

Economy Adds 209K Jobs, Unemployment Edges Up   Full Article
Washington, DC, Aug. 1, 2014 -- The economy added 209,000 jobs in July, the Labor Department said.

Mohawk Reports Higher Earnings, Sales in Q2   Full Article
Calhoun, GA, July 31, 2014 -- Mohawk Industries reported second quarter net earnings of $153 million and earnings per share of $2.08 on net sales of $2.05 billion.

Planned Job Cuts Grow Due To Tech Layoffs   Full Article
Chicago, IL, July 31, 2014 -- Announced job cuts by U.S. employers in July totaled 46,887, according to outplacement firm Challenger, Gray & Christmas.

Chicago Area Manufacturing Expands at Slower Rate   Full Article
Chicago, IL, July 31, 2014 -- The Chicago Purchasing Managers Index fell sharply in July to its lowest level in more than a year.

Unemployment Claims Rise Last Week   Full Article
Washington, DC, July 31, 2014 -- Initial jobless claims jumped last week after falling to a 14-year low the week before.